Personally I think going into debt to pay for a school one cannot afford is a recipe for disaster. That said, I would like to pipe in a couple of thought about an Ivy league education. Bias: Many Ivy leaguers hire other Ivy leaguers. Yes, this is true. It is also true that most CEO’s etc went to “fancy” schools. Though it is changing, the statistics bear out a very strong connection. Though it may depend on what area of the country you live in and what industry you are in if you look around in many industries most fellow workers have a similar background. Lots of folks have said, a doctor is a doctor. Yes, that is true. But go to the best hospitals in the nation and check the backgrounds of the best doctors. You will find many attended the same schools. With the internet, people more easily check backgrounds. So if you are in business for yourself and you hold an Ivy degree it will pay for itself over and over. And you will likely make more money in a corporate setting ( start at a higher salary and be able to jump into other positions more easily). Try to raise venture capital without an Ivy degree (good luck). So while, we can infer the degrees are the same and many (like myself) would not hold the school someone attended to be the sole measure of intellect, it is a factor. I think it is sad that people weigh where you went to college so heavily. It’s silly really. Especially the folks talking about school 30 years after graduation. But they use it as a lever to get into places (social and work) and to keep others out ( whether intentionally or not).
I would tell my own kids: All things being equal go the Ivy route. If there are financial differences then work them into an equation of your own making. ( I am also not the type to tell them to follow their heart and not consider their wallet at all). I think there is a balance. For the most part, Ivy schools give great financial packages. So this is not the real consideration. But for someone who has to chose do not convince yourself there is no value in the name. There is.